1828

LAWS OF MARYLAND. ,

CHAP. 57

On failure to pay

any instalment

stock to be forfeit-

for promoting or carrying on the objects and purposes of
the said corporation.
Sec. 4. A»id be it enacted, That if any subscriber to the
capital stock of the said corporation shall fail or neglect to
pay any instalment or part of said subscription for the space
of thirty days next after the time at which the same shall
be demanded by the president and directors of the said cor-
poration, the stock on which it is demanded shall be forfeit-
ed to the said corporation, and may be sold by the president
and directors thereof, for the benefit of the said corporation;
but the president and directors may remit such forfeiture on
such terms as they may deem proper.

General meeting

Sec. 5. And be it enacted, That the business and affairs
of the said corporation shall be managed by Leonard Kim-
ball, president, and David Barnum, Henry Payson, Luke

Howes Goldsborough, and Frederick W. Brune, directors
thereof, until the first Monday in March in the year one
thousand eight hundred and thirty; on which day, and on
the same day in every succeeding year, or within thirty
days thereafter, there shall be a general meeting of the stock-
holders, of which meeting twenty days public notice shall
be given by the directors for the time being, at which ge-
neral meeting nine directors to manage the affairs of the
said corporation for the ensuing twelve months, shall be
elected by ballot by the stockholders then present, or a ma-
jority of them.

President- powers

of directors

Sec. 6. And be it enacted, That the board of directors,
or a majority of them, shall, after their election as herein
provided, proceed to elect a president of the said company
from their own body, and may allow him such compensati-
on for his services as they may think proper; and they may
fill up all vacancies which may happen in their body during
the time of their continuance in office; and the said direc-
tors, or a majority of them, shall have power to prescribe
the evidence of ownership and transfer of shares of stock
in said company; to provide for the appointment and em-
ployment, compensation and dismissal, of all such officers,
agents, labourers and servants, as they shall deem necessary;
to provide for making all contracts, agreements and deeds,
in the name and on behalf of the corporation, and for using
the corporate seal thereof; and to make all such by-laws,
orders, ordinances and regulations, which shall be necessary
to the exercise and use of the said powers, rights and pri-
vileges, and the same from time to time to alter or repeal;
to keep full records of their proceedings, which shall be
open for inspection at all meetings of the stockholders, and
to committees appointed for the purpose; to report from time
to time, and at least annually, to the stockholders, a state-
ment of their affairs; to declare dividends of the profits, or